Uncategorized

Synlait Milk, which operates the largest purpose built infant formula plant in the southern hemisphere, will spend $15 million to enable its factory to produce more soluble powder for China’s expanding US$15 billion market. The move will enable Canterbury-based Synlait to better compete with Dutch-based FrieslandCampina which operates the world’s only other factory able to produce lactoferrin as a spray …

Shell New Zealand has announced it will start preliminary exploration for oil and gas in deep ocean between New Zealand and New Caledonia, in a 50/50 joint venture with the Chinese state-owned oil company. Shell says it will be conducting two-dimensional seismic exploration and other “non-invasive research techniques” to explore the seabed and geology of the virtually unexplored New Caledonia …

The Reserve Bank would impose the most controversial of its new tools – a limit on riskier mortgage lending with smaller deposits – if it judged those loans to be a “significant risk” to the country’s financial stability. The central bank has completed its public consultation on the use of macro-prudential tools, which aim to curb asset bubbles, and will …

Wall Street climbed to new records, and Germany’s DAX too, amid expectations that global central bank support will continue to help underpin corporate profits. Australia’s central bank became the latest to lend a hand as it unexpectedly cut its key interest rate to 2.75 percent, from 3 percent, and said it was ready to do more. Investors are betting that …

The New Zealand dollar fell ahead of a report by the central bank today which may flag concern about the country’s buoyant housing market and the impact of a high currency on exporters. The kiwi fell to 84.59 U.S. cents from 84.94 cents at 5pm in Wellington yesterday, while the trade-weighted index dropped to 78.26 from 78.58. Traders will be …

New Zealand shares rose, pushing the NZX 50 Index to a new record high, as Fletcher Building recovered from a selloff sparked by an investor presentation last week and better retail data helped lift Kathmandu and Warehouse Group. The NZX 50 gained 25.49 points, or 0.6 percent, to 4621.72. Within the index, 29 stocks rose, 11 fell and 10 were …

The New Zealand dollar climbed to its highest level against its trans-Tasman counterpart after the Reserve Bank of Australia unexpectedly cut interest rates to help stoke flagging economic growth. The kiwi climbed as high as 83.50 Australian cents, trading at 83.37 cents at 5pm in Wellington from 83.08 cents yesterday. It fell to 84.94 US cents at 5pm from 85.23 …

The Reserve Bank of Australia cut its key interest rate to within 25 basis points of New Zealand’s benchmark, sending the kiwi higher against the Australian dollar, as inflation tracks lower than the central bank expected and global growth remains ‘below trend’. The RBA cut its cash rate to 2.75 percent, the first cut since its Dec. 5 decision. Governor …

A petition for a referendum on state asset sales has failed to garner enough signatures after double entries were weeded out and Labour has vowed to try to fill the gap over the next two months. The petition, promoted by Labour, the Greens and Grey Power, required 10 percent of eligible voters, or 308,753 signatures, to force a referendum. It …

Australian payroll provider Talent2 will keep its $105 million 10 year contract to to provide New Zealand’s public education payroll service after the government decided switching to the old provider, Datacom, simply exchanged one set of risks for another. Minister Responsible for Novopay Steven Joyce announced the Talent2 contract will “remain under review”, but the decision effectively leaves Talent2 in …